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Why buy used?

Kansas Kid

By Kansas Kid
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Kansas Kid Senior Enthusiast

Kansas Kid

Posted
Posted

Now that it looks like I will be home for awhile, instead of on those great trips I get to take for work :cheers: I had decided to have a friend of mine start looking for me a 2500HD Silverado, instead of the SuperDuty I really want. (Wouldn't want to disappoint you guys and buy a Ford) Because I think the 03-04 Silverados are ugly, that meant I was looking for a 01-02 2500HD, Extended cab with a Duramax and a 6-speed manual. Not a very easy to combo to find, but being the sales manager at a decent sized GM dealership I figured he could find one.

 

So anyways, we got to talking about price range and about how much the payments would be per month on a used truck. What I found out was that because of the difference in interest rates on the used trucks is that they would actually cost me more per month then buying a brand new truck that costs around 7-8k more. I guess what I am saying is that being the case, why would anyone bother buying a 2-3 year old truck at this point in time?

MCourson Senior Enthusiast

MCourson

Posted
Posted

We bought the 03 used becuase we got one hell of a deal. We could have got a new base RCSB 6.0 for this price.

Torque Junkie Enthusiast

Torque Junkie

Posted
Posted

Unless I'm rich to the point I'm wiping my azz with $20 bills I won't buy new.

 

It sounds like he's feeding you a line to sell you a new truck. The depreciation of a new truck vs. a 2-3 year old truck is insane! $30+k for a new truck after incentives vs. 20-25k for a 3 year old used. Thats a $10k difference for a couple years. No interest rate could create that much of a difference.

 

We were given 5.5% on a 60mo for the 98 Dodge we just bought, so there are low rates for used out there too....

 

Keep looking. You'll find what you're looking for.

SilveradoWV Senior Enthusiast

SilveradoWV

Posted
Posted

 

:cheers: The minute you drive a vehicle off the lot the value drops, usually alot! I would search around at all of the banks to see what kind of rate you can get. I am sure a 2-3 year old truck should not be the same end amount of money as a brand new truck as long as you arent comparing like a 2002 LT to a 2003 Base or something like that.

Wingnut Senior Enthusiast

Wingnut

Posted
Posted
Unless I'm rich to the point I'm wiping my azz with $20 bills I won't buy new.

 

It sounds like he's feeding you a line to sell you a new truck. The depreciation of a new truck vs. a 2-3 year old truck is insane! $30+k for a new truck after incentives vs. 20-25k for a 3 year old used. Thats a $10k difference for a couple years. No interest rate could create that much of a difference.

 

We were given 5.5% on a 60mo for the 98 Dodge we just bought, so there are low rates for used out there too....

 

Keep looking. You'll find what you're looking for.

I'm with you....Sorta.

 

My 02 was only about a year old when I bought it, and it was under $22k :cheers:

 

Sticker on my truck was about 36-37 thousand.

 

And here is the kicker...I can sell it for what I owe. And could have the day after I bought it.

 

That's the reason I buy used. Depreciation is normally about proportional to what you owe. Not the same with a new truck.

 

Figure whatever poor sap bought mine new, paid in the neighborhood of 30k. Now figure he traded it in less than a year later, and I bought it for less than 22k....That means that the stealer probably didn't give him more than 20k for it.

 

I don't care what your interest rate is, most people don't pay their loan down more than 10k the first year. (Following payment schedule of course).

Shaners Senior Enthusiast

Shaners

Posted
Posted

I'd buy a used one and preferably from an individual versus a dealer.

 

My credit union is financing used for the same terms as new and only about 1% higher in interest rates.

 

The hardest problem you'll have is finding the truck you want.

 

The only advantage to buying new is the factory warranty, and that very addicting "new car smell".

Kansas Kid Senior Enthusiast

Kansas Kid

Posted
  • Author
Posted

Well, I guess my post wasn't clear enough. I'm not saying that buying the new truck is cheaper as far as total amount of money paid, just that in monthly payments the new truck is cheaper. Quite a bit cheaper based on all the loans I have been quoted over the last week. The best rate I got for a used truck loan was 5.7% on a 4 year loan. No one around here will give a 5 year loan on a 2-3 year old truck either. Yet if I go buy a new Ford I can get 0.9% interest on a 5 year loan. The difference between the two loans will pay for my insurance every month.

 

The other thing in favor of the new truck is bargaining room. Finding a Duramax with a 6-speed (and less the half a million miles) is like finding a needle in a haystack. Whoever has one isn't going to part with it for cheap. On the other hand, dealerships around here are already running sales taking 6-7k off the price of a new truck, putting the price difference somewhere around 4k to have a 3 year newer truck.

SilveradoWV Senior Enthusiast

SilveradoWV

Posted
Posted

So you are wanting to pay more in the long run because you dont have enough every month the pay off the smaller total price by the month!?!?! If thats right, its a toss up for sure, just depends on how you look at it. Would be nice to have a cheaper payment on a new vehicle but you will be making it over a longer time.

silverado man Senior Enthusiast

silverado man

Posted
Posted
So you are wanting to pay more in the long run because you dont have enough every month the pay off the smaller total price by the month!?!?! If thats right, its a toss up for sure, just depends on how you look at it. Would be nice to have a cheaper payment on a new vehicle but you will be making it over a longer time.

The way it sounds to me is that he is getting quote for probably 5 years to get a new truck at .9% and 4 years at 5.7% so it is only a year different, it's not that much longer. I would rather get the new truck and pay the extra year. The only difference is going to be taxes on the trucks. He may be paying more for the truck but there isn't as much intrest calculated each month and that will drop your payment alot.

lrymal Senior Enthusiast

lrymal

Posted
Posted

Simple, buy a "programmed" GM truck. Dealer-sponsored, jazzed up warranty, and you save about $10,000. The loan rate would be typically the same as the new loan.

 

If your dealer is worth a hoot, he can find a programmed truck on his computer that is close to what you want. If he cannot, move to another dealer. I live within 3 hours of any major Eastern and Gulf-plains Texas city. That has always been my spill when I get up to walk out. I have no problem driving half a day to get the deal I want. Show up with a sizeable down-payment on a check in the dealer's name to let them know you are serious.

 

This has worked for YEARS for me.

 

EDIT: Depending on the time of the year, customer loyalty rebates, 0 interest loans, discounts, and other rebates... all added up at the same time during special times of the year might get you into a NEW vehicle for the same cost as a used one. Go to http://www.edmunds.com and dig around for the rebate and special iniative schedules.

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